Media Releases
Published Date: 25 May 2023

10th Asian Monetary Policy Forum to Discuss the Conduct of Monetary Policy amid High Inflation and Financial Market Instability

Singapore, 25 May 2023…The 10th Asian Monetary Policy Forum (AMPF) will take place in Singapore today and tomorrow, bringing together leading policymakers and academics to focus on the challenges confronting monetary policy against the current macroeconomic and financial landscape. This year’s AMPF returns as a fully physical event at Shangri-La, Singapore.

2    The joint dinner for AMPF and the Asian Bureau of Finance and Economic Research (ABFER), on 25 May, will be addressed by Professor Amir Sufi from the University of Chicago Booth School of Business. In his keynote speech, Professor Sufi will touch on the interactions between the housing market, household debt and the business cycle in the Asian context. Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, will be the special guest at the joint dinner.

3   The Forum sessions tomorrow will open with an address by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS). Mr Menon’s remarks will focus on the evolving challenges in securing both price and financial stability within a comprehensive and consistent policy framework. Professor Maurice Obstfeld from the University of California, Berkeley, will deliver the commissioned paper on the determinants of the natural rate of interest, which is an area of central importance for monetary policy in the current macroeconomic context, as well as amid ongoing structural change. Professor Michael Spence, recipient of the 2001 Nobel Memorial Prize in Economic Sciences, will deliver the luncheon address on lessons from the 2008 Commission on Growth and Development Report.  The study identified the essential “policy ingredients” for sustained economic growth, and Professor Spence will reflect on these findings in light of the key challenges facing economies today. Emeritus Senior Minister Mr Goh Chok Tong, who served on the Commission, will be the special guest at the luncheon.

4   The AMPF is an annual flagship policy research event of the ABFER, the University of Chicago Booth School of Business, the National University of Singapore (NUS) Business School, and MAS. Since its inception in 2014, the AMPF has emerged as a valuable platform for eminent academics and public and private sector participants to discuss the evolving monetary policy challenges confronting Asian policymakers, with the aim of raising the intellectual level of discourse.

5    Professor Bernard Yeung, President of ABFER and Stephen Riady Distinguished Professor in Finance and Strategic Management at NUS Business School, said, “ This is the 10th  anniversary of the AMPF. Over the years, the forum's discussions have provided significant thoughts on burning monetary policy issues. This is a particularly challenging year because of the volatile global economic environment, uncertain inflation expectations, and the many factors that drive natural real interest rates. ABFER-AMPF 2023 will provide academics, industry practitioners, and central bankers the opportunity to forge innovative insights and approaches that contribute to financial resilience and sustainable growth, especially for this region.”

6    Steven J. Davis, Senior Fellow at the Hoover Institution and William H. Abbott Distinguished Service Professor of International Business and Economics at the University of Chicago Booth School of Business, remarked, “Each year, the AMPF delivers insights that help central bankers tackle pressing policy challenges in Asia and around the world. This year’s forum featues another outstanding lineup of speakers. They are sure to stir our thinking and stimulate lively and fruitful discussions. Chicago Booth is delighted to again support this thought-provoking forum in partnership with NUS Business School, ABFER and MAS.”
7   Professor Andrew K. Rose, Distinguished Professor and Dean of NUS Business School said, “The AMPF holds key importance in the post-pandemic era as it brings policymakers and academics together to address the pressing issue of monetary policy in today's complex environment. Today’s milestone signifies the crucial role that it will continue to play in stabilizing the financial landscape across Asia and the world. NUS Business School is pleased to work alongside our partners to contribute to the financial advancement in Asia.”

8   Mr. Edward S. Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, MAS, said, “Over the years, research presented at AMPF has contributed to a deeper appreciation of the complex interaction between global developments and Asian economies, and helped provide guidance for purposeful policy interventions. As we celebrate the 10th Anniversity of the AMPF, the challenging global economic environment underscores the Forum’s ongoing importance. We are confident that this year’s AMPF will continue to leverage the collective wisdom of participants to generate insights that can credibly guide  robust policymaking.” 
9   More information on AMPF and conference details can be found at .   


About the ABFER

ABFER aims to create a virtual and independent network of high-quality academics akin to the National Bureau of Economic Research and Centre for Economic Policy Research, as well as hold conferences and workshops. Its objectives include:

  • To promote Asia-Pacific oriented financial and economic research at local, regional and international levels;
  • To connect globally prominent academic researchers, practitioners and public policy decision-makers on Asia-Pacific related financial and economic issues; and
  • To enhance the research capabilities and development of strong clusters of finance and economic research groups in academic institutions and other institutions in Singapore and Asia-Pacific.

For more information, please visit .

About The University of Chicago Booth School of Business

Founded in 1898, The University of Chicago Booth School of Business is the second-oldest business school in the United States. With campuses in Chicago, London and Hong Kong, our mission is to create knowledge with enduring impact, and educate current and future leaders. The school is steadfast in its commitment to global engagement, leveraging the power of diverse perspectives to generate new ideas and create new opportunities for research and education. Chicago Booth has distinguished itself with nine Nobel laureates, and is proud to claim more than 54,000 alumni known throughout the business world as leaders who bring people together, solve problems, and drive meaningful change.

About NUS Business School

NUS Business School is known for providing management thought leadership from an Asian perspective, enabling its students and corporate partners to leverage global knowledge and Asian insights. The school has consistently received top rankings in the Asia-Pacific region by independent publications and agencies. The school is accredited by AACSB International (Association to Advance Collegiate Schools of Business) and EQUIS (European Quality Improvement System), and is a member of the GMAC Council, Executive MBA Council, Partnership in Management (PIM) and CEMS (Community of European Management Schools) – endorsements and affiliation with organisations of high repute in the education circle that attest to the school’s highest standards for business education. For more information, please visit .

About Monetary Authority of Singapore (MAS)

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors and financial market infrastructures. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.For more information, please visit